1. SEBI, vide circular no. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 09, 20201, implemented the System Driven Disclosures (hereinafter referred to as SDD) in phases, under SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as PIT Regulations).
2. In this regard, attention is drawn to para 7 of the aforesaid circular which reads as under:
Quote – 7. The system would continue to run parallel with the existing system i.e. entities shall continue to independently comply with the disclosure obligations under PIT Regulations as applicable to them till March 31, 2021 – Unquote.
3. It has been confirmed by Stock Exchanges and Depositories that they have implemented the SDD in line with the circular dated September 09, 2020 and the same has gone live from April 01, 2021.
4. It is, therefore, clarified that for listed companies who have complied with requirements of the circular dated September 09, 2020, the manual filing of disclosures as required under Regulation 7(2) (a) & (b) of PIT Regulations is no longer mandatory.
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